Pound slips back as markets react to Brexit ruling

The pound has slipped back after the UK’s highest court ruled on a legal challenge over the Brexit vote.

Sterling was initially a little higher at more than $1.25 as the Supreme Court upheld a ruling that the Government needs the approval of Parliament to trigger Article 50 – the formal process of leaving the European Union.

But it then dropped half a cent lower as the judges said there would be no need to consult with devolved administrations in Scotland, Wales and Northern Ireland – a decision that should speed up the exit process.

The pound then recovered a little but remarks by Scottish First Minister Nicola Sturgeon dragged it back down and it was nearly a cent lower compared to the start of the day as it headed close to $1.24.

Ms Sturgeon said it was becoming “ever clearer” that Scotland must make a choice on taking its future into its own hands.

She has previously asserted that Theresa May’s stance on Brexit has made it “more likely” that a second referendum on Scottish independence will take place.

Meanwhile there was anxiety among businesses about whether the ruling would mean more uncertainty about the timing or the nature of the UK’s departure from the EU.(Sky News)